£ LIFE-BOATS:— £ £ New life-boats for the following stations : On i account — Aith, Aldeburgh, Broughty Ferry, Buckie, Dunbar, Islay, Lizard-Cadgwith, Newhaven, Penlee, Port Patrick, Sheringham, Teesmouth, Walmer, Weston-super-Mare, Whitehills, materials for future building and improvements and alterations 156,764 to existing fleet 197,541 304 Upkeep of Cowes office and store 334 44,343 Upkeep of and repairs to life-boats 42,558 Rentals and maintenance of radio equipment and 17,104 loud hailers and radio licences 17,618 — Consulting naval architect 65 Salaries of superintendent engineer, surveyor of life-boats, inspectors of machinery, assistant surveyors of life-boats and machinery, draughts- 48,640 men and clerical staff . . . . 49,901 15,415 Travelling expenses .. .. .. 15,348 3,241 Pensions under the pension scheme . . 3,667 3,813 Contribution to 1938 pension scheme 3,934 71,109 72,850 Less estimated amount chargeable 2,977 to life-boat carriages and tractors . . 3,256 68,132 69,594 } 286,647 327,710 LIFE-BOAT CARRIAGES AND TRACTORS:— 16,215 New carriages 14,125 477 Repairs to carriages 277 14,879 New tractors 1 7,840 650 Repairs to tractors 1,830 2,977 Estimated proportion of life-boats expenses as above . . 3,256 35,198 37,328 LIFE-BOAT HOUSES AND SLIPWAYS:— 88,756 New construction and adaptation 49,921 27,033 Repairs and maintenance 18,006 115,789 67,927 53,628 LIFE-BOAT STORES 55,673 LIFE-BOAT DEPOT:— I — New construction 3,167 ; 13,925 Rates, insurance, equipment and repairs 12,538 Salaries of superintendent of depot, assistant and 54,721 clerical staff and wages of manual workers 53,983 2,364 Pensions and gratuities under the pension schemes 2,439 1,187 Contribution to 1938 pension scheme 1,280 I Provision for additional liability, 1909 pension 270 scheme 302 72,467 73,709 LIFE-BOAT STATIONS:— Conveyance of life-boats, carriages, tractors and stores; work to moorings; telephones, postages, 29,873 etc 35,166 Insurance under national insurance acts and against 6,925 claims at common law 6,663 256 Salaries of assistant secretaries, etc., of stations 230 , 37,054 42,059 £600,783 Carried forward £604,406 RECEIPTS.

SUBSCRIPTIONS, DONATIONS, ETC.:— £ £ General subscriptions to headquarters .. .. 9,884 „ „ through station branches .. 7,911 „ „ through financial branches .. 27,587 „ donations to headquarters .. .. 25,835 „ „ through station branches .. 73,009 „ „ through financial branches .. 253,737 Contributions from harbour authorities towards upkeep of life-boat stations .. .. .. 1,800 Contribution boxes to headquarters .. .. 281 „ „ through station branches .. 24,156 „ „ through financial branches .. 9,309 433,509 Carried forward £433,509 1959 £ 600,783 15,939 1,037 132,312 10,340 4,545 11,290 3,956 PAYMENTS.

£ Brought forward COXSWAINS, MOTOR MECHANICS AND CREWS:— Cost of wreck services, including rewards to life-boat crews and others, special rewards and recognitions, medals and vellums .. .. .. .. 14,334 Grants to men injured in the life-boat service . . . . 1,207 Fees of coxswains, bowmen and signalmen, wages of motor mechanics, etc. 1 39,405 Life-boat crews and launchers for exercises . . . . 10,278 Annuities and gratuities under the regulations to coxswains, bowmen, signalmen, part time and assistant motor mechanics 5,022 Pensions and grants to relatives of deceased life- boatmen and others .. .. .. .. .. 13,122 Pensions and gratuities under the pension scheme to ex-permanent crews of life-boats . . . . . . 3,630 £ 604,406 179,419 19,602 4,615 LIFE-BOAT INSPECTORS:— Salaries of chief inspector, deputy chief inspector inspectors and clerical staff 19,838 Travelling expenses . . . . . . . . . 5,268 186,998 2,296 1,899 Pensions under the pension scheme . . . . . 2,141 Contribution to 1938 pension scheme .. .. . 2,011 Provision for additional liability, 1909 pension scheme 98 28,412 4,601 43,875 3,773 5,792 2,221 3,247 725 403 3,542 RATES AND REPAIRS OF MECHANICS' COTTAGES, ETC £ ADMINISTRATION :— Salaries of secretary, assistant secretary, personal assistant to secretary, accountant, internal auditor, and clerical staff 44,258 Rent, depreciation, rates, lighting, heating, insurance, etc., of the In- stitution's headquarters . . . . 3,686 Insurance under national insurance acts and against claims at common law 5,525 Telephone operator, commissionaires and nightwatchman 2,849 Telephones, postages and parcels . . 2,938 Travelling expenses of committee of management . . . . . . . . 907 Pensions under the pension scheme . . 916 Contribution to 1938 pension scheme . . 3,672 Provision for additional liability, 1909 pension scheme 1,301 29,356 6,436 63,578 31,789 66,052 Less estimated amount chargeable to raising of funds and publicity . . 33,026 31,789 7,077 630 33,026 Stationery, office expenses, printing and books . . 8,175 Auditors' fee . . . . 630 1,764 Law expenses . . . . . . . . 1,106 2,545 Repairs and improvements to Institution's head- quarters . . . . . . . . 821 43,805 687 GRANTS IN CONNEXION WITH CERTAIN LEGACIES 43,758 767 815 CONFERENCE OF LIFE-BOAT SOCIETIES 59 £858,522 Carried forward £871,780 RECEIPTS.

Brought forward INCOME FROM INVESTMENTS:— Dividends and interest on investments (less £3,141 tax) Less:— Interest on certain trust funds transferred to Special Purposes Fund 561 Interest on certain endowment funds transferred ; (a) to general subscriptions, etc. .. 659 (b) to General Endowment Fund .. 2,597 77,037 £ 433,509 3,817 Income tax recovered on dividends 73,220 2,527 75,747 SUNDRY RECEIPTS:— Sale of old stores Rentals of freehold and leasehold premises 1,751 1,312 3,063 Total ordinary receipts 512,319 Carried forward 512,319 1959 £ 858,522 9,365 28,090 5,875 265 14,852 31,963 5,683 9,553 2,205 2,913 31,789 142,553 PAYMENTS.

Brought forward RAISING OF FUNDS AND PUBLICITY:— Salaries of publicity secretary, assistant and clerical staff and wages of manual workers Salaries of district organizing secretaries and clerical staff Travelling expenses Annual general meeting Advertising and appeals Stationery, printing, books, films, badges, collecting boxes, postages Printing and binding the year book and life-boat journal Salaries and commissions of assistant secretaries, etc., of branches Pensions under the pension scheme Contribution to 1938 pension scheme Provision for additional liability, 1909 pension scheme Estimated proportion of administration expenses as above 9,468 30,219 8,343 291 13,046 46,166 6,113 9,752 2,101 3,481 1,458 33,026 £ 871,780 163,464 1,001,075 3,764 25,198 Total payments Transfer to General Endowment Fund being the amount of the year's receipts of gifts and legacies for Endowment purposes Transfer to Special Purposes and Maintenance Fund {see contra) 1,035,244 1,070 28,165 100,000 156,764 84,929 71,835 28,165 Transfer to Reserve for Replacement of Life-boats being the excess of the estimated average annual cost falling to be met from general purposes receipts over the payment on account of new life-boats in the year not met from special gifts, etc.

arrived at as follows: Estimated average annual cost of replacements falling to be met from general purposes receipts Deduct payments on account of new life-boats in the year .. .. 197,541 Less amount met from gifts and legacies for special purposes .. 145,694 Transfer to Reserve 100,000 51,847 £48,153 48,153 £1,058,202 £1,084,467 1959 £ 479,780 328,478 808,258 20,827 81,175 59,298 RECEIPTS.

£ Brought forward LEGACIES FOR GENERAL PURPOSES Total receipts for general purposes GIFTS AND LEGACIES FOR SPECIAL PURPOSES (The capital to be applied in accordance with the directions of the respective donors).

Civil Service Life-boat Fund .. .. .. .. 22,526 Special gifts 75,033 Legacies 90,178 £ 512,319 322,503 834,822 161,300 187,737 64 3,700 3,764 973,322 GIFTS AND LEGACIES FOR ENDOWMENT PURPOSES (The income therefrom to be applied in accordance with the directions of the respective donors).

Gifts 576 Legacies 494 Total receipts 1,070 1,023,629 136,102 161,300 )r.(25,198) Transfer from Special Purposes and Maintenance Fund being the excess of payments in the year met from special gifts, etc. over the year's receipts for special purposes arrived at as follows: Payments in year met from gifts and legacies for special purposes (of which £145,694 relates to new life-boats and £53,496 to other items) .. 199,190 Less receipts in year of gifts and legacies for special purposes 187,737 Transfer from Special Purposes, etc. Fund (1959 Dr. 11,453 see contra) ~—=== 11,453 NOTE:—This account includes the receipts and payments of the headquarters of the Institu- tion for the year to 31st December, 1960, and of the branches for the year to 30th September, 1960.

84,880 Transfer from General Purposes Fund 49,385 ll ,058,202 £1,084,467 1959 £ GENERAL ENDOWMENT FUND, The income to be applied for the purposes of the Institution £ DUTY ON LEGACY RECEIVED PRIOR TO 1960 .. .. .. .. .. 824 258,461 BALANCE AT 31sT DECEMBER, 1960 261,304 £258,461 £262,128 SPECIAL PURPOSES AND MAINTENANCE FUND, The capital to be applied for the purposes of the Institution TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT 11,453 311,346 BALANCE AT 3 IST DECEMBER, 1960 300,454 £311,346 £311,907 RESERVE FOR REPLACEMENT OF LIFE-BOATS, 1,026,723 BALANCE AT 3IST DECEMBER, 1960 1,074,876 £1,026,723 £1,074,876 GENERAL PURPOSES FUND, Loss ON SALE OF INVESTMENTS AND FREEHOLD PREMISES 7,098 Transfer to General Endowment Fund being unexpended interest on certain 17,525 funds — 84,880 TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT 49,385 592,231 BALANCE AT 3IST DECEMBER, 1960 535,748 £694,636 £592,231 FOR THE YEAR ENDED 31st DECEMBER 1960 in accordance with the directions of the respective donors.

£ BALANCE AT 31si DECEMBER, 1959 258,461 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT .. . . .. .. 1,070 Transfer from General Purposes Fund as below . . . . . . . . . . — UNEXPENDED INTEREST ON CERTAIN FUNDS 2,597 £262,128 FOR THE YEAR ENDED 31st DECEMBER, 1960 in accordance with the directions of the respective Donors.

BALANCE AT 31 ST DECEMBER, 1959 311,346 Transfer from Receipts and Payments Accounts {see contra) .... — INTEREST ON UNEXPENDED BALANCES OF CERTAIN FUNDS .. .. .. 561 £311,907 FOR THE YEAR ENDED 31st DECEMBER 1960 BALANCE AT 3 IST DECEMBER, 1959 1,026,723 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT .. .. .. .. 48,153 £1,074,876 FOR THE YEAR ENDED 31st DECEMBER, 1960 BALANCE AT 3IST DECEMBER, 1959 592,231 Profit on sale of investments . . . . . . . . . . . . . . — £592,2311959 £ 258,461 311,346 1,026,723 592,231 GENERAL ENDOWMENT FUND (Income available in accordance with the the directions of the respective donors) SPECIAL PURPOSES AND MAINTENANCE FUND (Capital to be applied in accordance with the directions of the respective donors) RESERVE FOR REPLACEMENT OF LIFE-BOATS The estimated cost of replacing the entire fleet exceeds £5,000,000 and the estimated liability for replacements at present contem- plated exceeds £800,000, part of which will be met by special gifts and legacies.

GENERAL PURPOSES FUND Of this fund £135,731 relates to freehold and leasehold properties necessary to the Institution's work. The balance of £400,017 is available for the general purposes of the Institution and is intended to cover ordinary liabilities as they arise, including certain pensions, insurance risks in respect of the life-boat fleet and crews not otherwise covered, and replacements other than life-boats. Re- placements at present contemplated include new construction and adaptation of life-boat houses £80,000 and provision of new carriages and tractors £120,000.

£ 261,304 300,454 1,074,876 535,748 £2,188,761 £2,172,382 (Signed) HOWE, Chairman.

(Signed) CHARLES EARLE, Secretary.

We have examined the above statement, also the Receipts and Payments Account and correct and in accordance therewith. We have also verified the investments 3 Frederick's Place, Old Jewry, London, E.C.2.

21st February, 1961, INVESTMENTS at quinquennial valuation on 31st Dec., 1956, or cost if acquired since :— Representing GENERAL ENDOWMENT FUND:— Income only available:— British government securities (Market value at 31st Dec. 1960 £248,929) 261,304 Representing other funds:— British government securities Dominion government securities British corporation and public board stocks Mortgages, debentures and preference shares Ordinary stocks and shares (Market value at 31st Dec., 1960, £1,605,155) TOTAL INVESTMENTS (Market value at 31st Dec., 1960, £1,854,084) 1,370,611 26,250 122,301 40,865 73,050 1,633,077 1,894,381 FREEHOLD PREMISES (At cost):— Including life-boat depot at Boreham Wood LEASEHOLD PREMISES—(At cost less amounts written off):— Including 42/44 Grosvenor Gardens BRANCH ACCOUNTS:— Balances in hands of branches, 30th Sept., 1960 Less balance of remittances between headquarters and branches, October to December, 1960 148,157 91,456 98,578 37,153 BANK BALANCES 56,701 85,569 £2,172,382 e accounts of the funds with the books and vouchers and find the same to be id inspected the deeds of the properties belonging to the Institution.

(Signed) PRICE WATERHOUSE & CO., Auditors..